Sohar International has partnered with PayMate India, a B2B payments and solutions provider, to digitize, automate, and streamline business-to-business (B2B) payments using bank-issued corporate credit cards.
By leveraging PayMate’s full-stack proprietary B2B payment automation solutions, Sohar International offers corporate and SME clients the ability to utilize bank-issued Visa corporate credit cards for supplier payouts.
According to the statement, “This enables clients to maximize their already assigned credit limits, allowing them to make supplier payouts before the due dates without depleting their cash reserves. Furthermore, clients can extend their days’ payables outstanding, utilizing the funds for strategic business growth.”
The collaboration between Sohar International and PayMate offers a strategic partnership aimed at facilitating the seamless settlement of corporate card payments directly into suppliers’ bank accounts. It provides detailed reports, prompt reconciliation, and clear visibility into cash flows.
Commenting on this strategic partnership, Mr. Khalil Salim Al Hedaifi, Chief Government and Private Banking Officer at Sohar International, said that, “There is a massive opportunity to digitize payments in Oman through cards, and with our corporate credit card offering in place, we continue to work towards introducing platforms on which our cards can be used. This partnership will help us achieve that goal and enable us to route supplier payouts, collections, and other corporate expenses through the card rails, ultimately contributing significantly to B2B payment volume growth in the country.”
“We at PayMate are very excited to announce our partnership with Sohar International to offer B2B payment solutions to corporates in Oman. Together, we will enable customers to use their bank-issued Visa corporate credit cards for B2B payables and receivables. Our partnership with Sohar will enable the local business CFOs and finance managers to improve their overall working capital and efficiencies in their payables and receivables process thereby providing better cash flow visibility,” commented Mr. Rakesh Khanna, Chief Commercial Officer of PayMate.